BELLEVUE, WA – Newmark® has arranged permanent financing in the amount of $5,800,000 secured by the Bel-Red medical and dental office building located in Bellevue, WA. Demetri Koston, Principal, and Skip Slavin, Vice President, both from Newmark’s Washington’s offices, arranged the financing on behalf of the borrower. Newmark was able to refinance the existing CMBS debt, which was put in place 10 years ago through a correspondent life insurance company. Specific terms of the loan remain confidential.
Built in 2006, the two-story, multi-tenant property consists of approximately 26,000 square feet of Class-A medical office space. The property is currently 100% leased with a complimentary mix of tenants. Situated along the Bel-Red corridor, the property is well-located on a major arterial with exceptional visibility and access from the SR-520 and I-405.
Newmark, a privately held company based in San Francisco, is a full service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Newmark’s production, closing and servicing capabilities. Established in 1991, Newmark is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $10 billion represents over 1,200 loans located in 40 states. Newmark is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.